Clough Global Equity Fund

Statement Pursuant to Section 19(a) of the Investment Company Act
of 1940

January 31, 2013 05:32 PM Eastern Standard Time

DENVER--(BUSINESS WIRE)--On January 31, 2013, the Clough Global Equity Fund (NYSE MKT: GLQ) (the
“Fund”), a closed-end fund, paid a quarterly distribution on its common
stock of $0.29 per share to shareholders of record at the close of
business on January 18, 2013.

The following table sets forth the estimated amount of the sources of
distribution for purposes of Section 19 of the Investment Company Act of
1940, as amended, and the related rules adopted there under. The Fund
estimates the following percentages, of the total distribution amount
per share, attributable to (i) current and prior fiscal year net
investment income, (ii) net realized short-term capital gain, (iii) net
realized long-term capital gain and (iv) return of capital or other
capital source as a percentage of the total distribution amount. These
percentages are disclosed for the current distribution as well as the
fiscal year-to-date cumulative distribution amount per share for the
Fund.

Current Distribution from:

Per Share ($)

%

Net Investment Income

0.0033

1.13%

Net Realized Short-Term Capital Gain

0.0000

0.00%

Net Realized Long-Term Capital Gain

0.2867

98.87%

Return of Capital or other Capital Source

0.0000

0.00%

Total (per common share)

0.2900

100.00%

Fiscal Year-to-Date Cumulative

Distributions from:

Per Share ($)

%

Net Investment Income

0.0033

0.28%

Net Realized Short-Term Capital Gain

0.0000

0.00%

Net Realized Long-Term Capital Gain

0.2867

24.72%

Return of Capital or other Capital Source

0.8700

75.00%

Total (per common share)

1.1600

100.00%

The amounts and sources of distributions reported in this 19(a)
Notice are only estimates and not for tax reporting purposes.The
actual amounts and sources of the amounts for tax reporting purposes
will depend upon the Fund’s investment experience during the remainder
of its fiscal year and may be subject to changes based on tax
regulations. The Fund will send you a Form 1099-DIV for the calendar
year that will tell you how to report these distributions for federal
income tax purposes. The Fund estimates that it has distributed more
than its income and net realized capital gains; therefore, a portion of
your distribution may be a return of capital. A return of capital may
occur for example, when some or all of the money that you invested in
the Fund is paid back to you. A return of capital distribution does not
necessarily reflect the Fund’s investment performance and should not be
confused with ‘yield’ or ‘income.’

Presented below are return figures, based on the change in the Fund’s
Net Asset Value per share (“NAV”), compared to the annualized
distribution rate for this current distribution as a percentage of the
NAV on the last day of the month prior to distribution record date.

Fund Performance & Distribution Information

Fiscal Year to Date (04/01/2012 through 12/31/2012)

Annualized Distribution Rate as a Percentage of NAV^

10.18%

Cumulative Distribution Rate on NAV^

7.67%

Cumulative Total Return on NAV*

-2.64%

Average Annual Total Return on NAV for the 5 Year Period Ending
12/31/2012**

-7.04%

^ Based on the Fund’s NAV as of December 31, 2012.

*Cumulative fiscal year-to-date return is based on the change in NAV
(effect of dividends reinvested not included) for the period April 1,
2012, through December 31, 2012.

**The 5 year average annual total return is based on change in NAV only
(no dividends reinvested) and is through the last day of the month prior
to the month of the current distribution record date.

While the NAV performance may be indicative of the Fund’s investment
performance, it does not measure the value of a shareholder’s investment
in the Fund. The value of a shareholder’s investment in the Fund is
determined by the Fund’s market price, which is based on the supply and
demand for the Fund’s shares in the open market. Shareholders should
not draw any conclusions about the Fund’s investment performance from
the amount of this distribution or from the terms of the Fund’s Managed
Distribution Plan.

Furthermore, the Board of Trustees reviews the amount of any potential
distribution and the income, capital gain or capital available. The
Board of Trustees will continue to monitor the Fund’s distribution
level, taking into consideration the Fund’s net asset value and the
financial market environment. The Fund’s distribution policy is subject
to modification by the Board of Trustees at any time. The distribution
rate should not be considered the dividend yield or total return on an
investment in the Fund.